Fire damaged property in Memphis, TN

[James Wachob]

One of my duplexes caught fire today. The resident called and of course was shaken but everyone was ok, thank goodness. 

I'm starting this post to walk through the entire experience and hopefully some fellow investors will gain some insight on what to expect if you ever have to go through this process.  

STEP 1: Find my resident another property. My team is working with them now to make sure they have a home. Since we are property managers we always have something available. 

STEP 2: Secure the property and TAKE PICTURES. This is a lesson I learned from previous dealings with insurance companies. ALWAYS take A LOT of photos and make sure they have a time/date stamp. We also keep a detailed timeline of events. see below

2/28 2:00pm Resident called stating that the property caught fire last night. There were no injuries reported. 

2/28/22 2:15pm Reported to R____ at Shelter Insurance 901-___-____.

STEP 3: We called the insurance provider and let them know about the damage. 

STEP 4: The fire inspector will have the report back in 2-3 days to turn into the insurance company.

STEP 5: Meet adjuster onsite to assess the damage & create our game plan. 

STEP 6: TBD  Follow along to see the entire process. 

I've dealt with this on two other occasions but every insurance claim and renovation has it's different twist & turns. The last fire we experience was a single family residence that was considered a total loss. We collected the insurance funds and rebuilt the home salvaging only the brick, some framing, and foundation. The entire home was renovated in only 45 days.

[Danielle Jackson]

Thanks for sharing your process. Great tips for those who may be in a similar situation at some point in their investment journey. Most importantly, everyone is ok. 

Quick question - how do you handle any moving expenses? Recognizing some insurance companies will cover those - do you pay for them up front and then get reimbursed?